Senior managers in UK business should pay greater attention to the threat of cyber attacks, establish what the cost of such an incident would be to their firms and insure against it, an expert has advised.
Technology law specialist Luke Scanlon of Pinsent Masons, the law firm behind Out-Law.com, said that the need to insure against the risk of cyber attacks was particularly important since firms could face huge costs for losing personal information via system breaches under proposed changes to the EU's data protection regime.
Scanlon was commenting after the Government published new cyber risk management guidance (2-page / 306KB PDF) for businesses on cyber security. The guidance stressed the "benefits" for business chief executives and other board-level managers in adopting a "risk management approach to cyber security".
In separate guidance (20-page / 3.12MB PDF) the director of UK intelligence agency GCHQ said that businesses could repel about 80% of "known attacks" simply by "embedding basic information security practices for your people, processes and technology". The guidance identifies 10 steps firms can take to reduce their vulnerability to cyber attacks.
The Government has also published an 'advice sheet' that further details(22-page / 4.93MB PDF) the 10 steps that companies should take to address the threat of cyber attacks. Companies should "apply the same degree of rigour to assessing the risks to its information assets as it would to legal, regulatory, financial or operational risks," according to the advice.
For the full article 'UK businesses should seek insurance against cyber attacks, says expert' please visit Out-law.com